OPEC ‘Doing All It Can’ For Oil Prices

…Opec, the oil nations responsible for one-third of the world’s most vital energy source, conceded yesterday that it could do little to control prices. ..
Abdullah al-Attiyah, Qatar’s Oil minister, said yesterday that there are no plans to increase levels of production to meet extra demand. “The price as it is now, nothing will happen,” he said. “Even if it reaches $70, what can we do? We are doing all that we can.”

On Friday, a barrel of London Brent crude cost $65.91 at close of trading. Although there are decades worth of oil left, there comes a point at which it cannot be brought out of the ground fast enough. At that point prices soar, as it becomes clear that demand cannot be met. Some experts think that peak may soon be reached.

The Independent